Higher Prices Lift PepsiCo's Q2 Results
NEW YORK (CBSDFW.COM/AP) - Higher prices for drinks and snacks boosted both profit and revenue for PepsiCo Inc. during its second-quarter.
Profits rose 5 percent to $2.11 billion, or $1.46 per share, for the maker of Pepsi, Frito-Lay snacks and Quaker Foods. Earnings, adjusted for restructuring costs and non-recurring costs, were $1.50 per share, topping per share projections on Wall Street by 11 cents, according to a survey by Zacks Investment Research.
Revenue rose 2 percent to $15.71 billion, also edging out analyst expectations.
The North America Beverages unit reported a 2 percent jump in revenue, while its Frito-Lay North America division reported a 3 percent gain. Frito-Lay North America is based in Plano.
PepsiCo expects per share earnings of $5.13 for the year, a penny shy of Wall Street expectations, according to FactSet.
Shares of PepsiCo Inc. rose slightly before the opening bell.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)